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After deductions capital gains go on top of your other incomes, so since FTB is based on total family incomes it would probably be affected by a CG.

Cashbonds! That is something I have heard of in years.

Yes there are ways around it, but these days it is generally just not possible to just get a LOC and live on borrowed money. its not that simple anymore. One way around it is to buy shares and then immediately sell, pay down the loan and then you will have the funds available. Another may...

Rick - good in theory, but banks are very reluctant to give people access to equity these days. Max cash out is around $10k. Most banks will only lender more if you are buying shares or property etc and then they want to control the disbursement of the money.

I agree that you should look at the return based on current value and look at selling if you can get better returns elsewhere - this is the opportunity cost of not acting. So I would suggest you look at what you will receive after all costs from the sale and see if investing this money...

I would think you can claim it as your main residence until 2003 and it would be CGT exempt during this period. So you will need to determine the value at this time and the CGT will be: sale price - value 2003 less costs + depreciation added back = CG This is then x50% and added to your income.